☕️ Bet Each Way

Good morning.

Exxon Mobil is throwing its heft behind lithium.

The oil giant says it will begin producing battery-grade lithium as soon as 2027 in its new bid to become a global lithium powerhouse. By 2030, it hopes to be helping produce enough to power one million electric vehicles every year.

Talk about having a bet each way.

🏆 LOI Subscriber #TBD

Market movers

The Elders share price soared on Monday despite the company revealing its after tax net profit fell 38% on the previous year. But it was patently still a solid result with plenty the market seemed to like.

Long-term CEO Mark Allison announced he would be sticking around after a recruitment search turned up no suitable replacement. A rosier than expected outlook also helped encourage the exuberance.

Throw in a string of recent acquisitions and more in the pipeline and Allison believes there’s plenty of room to grow.

Together with Stake | Invest on Wall St and the ASX

The quick sync

• EY executives are fighting over the mandatory retirement age in the latest leadership race. (Financial Times)

• Rival banks fear ANZ's Suncorp appeal could expose their confidential material. (Capital Brief)

• Chinese investment is fuelling fears of a green energy bubble. (WSJ)

• Alternative asset manager MA Financial is betting on marinas despite rising rates. (Capital Brief)

• Emirates has placed a US$52 billion order with Boeing as Middle Eastern carriers drive new aircraft demand. (CNBC)

Trading floor

M&A

• Medibank Private is jostling with Intermediate Capital Group and Partners Group in the final round to buy Cura Day Hospitals. (AFR)

• Vocus Group eyes another attempt at TPG Telecom's assets after the collapse of a $6.3bn deal. (AFR)

• Ramsay Sime Darby Health Care's $1.88bn sale exceeded expectations, but Ramsay Health Care is mum on next steps amid shareholder pressure. (The Australian)

• The Origin Energy takeover bid falters as AustralianSuper rejects inclusion in the consortium (AFR) and raises its stake to almost 15% instead (The Australian).

• KKR accelerates infrastructure pursuit, partnering with Scott Farquhar and Kim Jackson for Queensland Airports bid. (AFR)

• Whitehaven Coal expresses interest in Brazilian Rare Earths ahead of ASX listing. (AFR)

• Seven West Media's share purchase in ARN Media sparks speculation on Kerry Stokes' acquisition strategy. (The Australian)

• Rising interest rates dampen infrastructure auctions as investors "take a breather" from dealmaking. (AFR)

CAPITAL MARKETS

• CDC Data Centres expands debt facilities with Barrenjoey Capital Partners. (AFR)

• Seven West Media is poised for a board seat at ARN Media after a stock raid, but its plans for media consolidation remain uncertain. (The Australian)

• Ainsworth Game Technology explores privatisation options amid a challenging year for ASX gaming stocks. (AFR)

• The Yard Gym partners with F45 co-founder Rob Deutsch to accelerate location expansion. (BNA)

• Australian mining heavyweights are eager for lithium assets as Delta Lithium seeks a $70.2m investment. (AFR)

VC

• Magic Valley, a sustainable cultivated meat startup, expands production capacity with a state-of-the-art pilot facility at Co-Labs. (BNA)

• Melbourne's venue management software platform, Roller, secures over $100m in funding in less than a year. (Startup Daily)

• Gold Coast cleaning startup Spruces raises $2m to enhance AI-driven worker monitoring technology. (BNA)

• Block Inc invests $3m in the First Australians Capital fund to support Indigenous entrepreneurs. (BNA | Startup Daily)

• Australian tech firm Deputy achieves maiden profit as revenue surges 38%. (AFR)

• Fintech Kashcade has secured $5.5m in funding to expand its non-dilutive capital offerings for startup founders. (Startup Daily)

People moves

• Scyne Advisory appoints former Telstra Chairman John Mullen as chair to strengthen independence. (SMH)

• Toys 'R' Us appoints e-commerce executive Penny Cox as CEO for Australia and New Zealand. (SMH)

The watercooler